As a business owner you probably considered at some point selling your business. The natural question is: "Where should I start?" Well, putting your house in order and preparing the business for sale would be a good beginning.

In order to successfully sell your business you have to do some preparation work.

1. Resolve all conflicts. In case of partnership make sure that all partners agree to sell the business, preferably in writing. Try to resolve all legal issues prior to sale as well.
2. Make sure that all your books and records are in order. Review the financials and see that everything makes sense and you or your professional consultant can explain every statement line.
3. Put together the equipment list and estimate each item at Fair Market Value. Fair Market Value is the amount that you would pay for similar item in similar condition.
4. Prepare list of your suppliers and customers.
5. Contact business broker and ask to valuate your business. Due to complicated nature of business valuation, which involves assessment of financial documentation, organizational structure, marketing activities, supplier base and terms, customer base, terms and concentration, lease situation, etc., only qualified business professional can determine maximum price at which the business actually will sell. Accountants and lawyers aren't generally qualified to do this job.
6. Contact business broker and sign up to sell your business. Now you have a very good chance to sell your business at maximum price in shortest period of time.

Jacob Berenfeld